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services required to implement GASB 45 as a number of companies are putting together a "package deal" with all of these services are brought together into one proposal. The League of California Cities has recommended that cities explore all the alternatives available to address the issues raised by GASB 45 and not be too quick in making significant financial commitments because the market for these services does not have a long track record and it's reasonable to expect that new ideas and approaches may be developed and firms may possibly offer products that aren't currently available. In addition, CaIPERS has established an irrevocable trust for those agencies that contract with CaIPERS for health care. Assembly Bill 554, which is currently pending in the State Legislature, would grant agencies that are not under contract with CaIPERS for health care, such as the City of Pleasanton, the right to elect to participate in the CaIPERS pre-funding trust. According to CaIPERS, AB 554 is expected to be signed by the Governor in October and if passed on an urgency basis would be effective immediately, otherwise it would be effective in January 2008. It is for these reasons that staff intends to continue its approach of maximizing allocations to pre-fund these benefits while at the same time focusing on monitoring legislation and program options including participation in a CaIPERS pre-funding trust. Some next steps will include: • Monitor status of AB 554 which would allow the CaIPERS Retiree Benefit Trust as an option. Review and evaluate pre-funding investment options Finalize actuarial report and other necessary documentation Bring recommendations to City Council early in 2008 regarding pre-funding investment options. Submitted by: --_ David P. Culver Director of Finance Approved Nelson Fialho City Manager Page 3 of 3